​By Fatima Gulzar | September 12, 2026 | Berkshire Hathaway Inc. $BRK.B (-0,19 %)

​Greg Abel, CEO of Berkshire Hathaway, explained on September 2 in an interview with Becky Quick of CNBC that there is “much more headwind” against the construction of new data centers in communities across the U.S.

​According to Abel, Berkshire’s role in the AI boom centers on providing electricity through Berkshire Hathaway Energy rather than on the direct construction of the facilities. Furthermore, the company will serve large data center customers only on the condition that this does not result in rate increases for existing customers.

​The U.S. is currently home to approximately 4,700 data centers, and the headwinds described by Abel have been building for months: New York became the first state to impose a one-year moratorium on the construction of new large-scale data centers; and similar efforts are underway in at least 11 other states. Near major data center hubs, electricity bills have risen by up to 267% over the past five years. Furthermore, data centers now account for 4% to 5% of total U.S. electricity consumption.

​Mizuho analyst Vikram Malhotra described data centers as a topic that is likely to shape the political landscape ahead of the upcoming midterm elections. Abel separately emphasized that he views not chips or capital, but rather the capacity of the power grid and lengthy permitting processes as the true bottlenecks in AI expansion. Data centers already account for about 8% of Berkshire Energy’s load in the state of Iowa.

​The Bull Case

• ​Protection Against Headwinds: Berkshire’s involvement could help mitigate the worst effects of these headwinds. Instead of building or owning data centers itself, the company sells electricity through its regulated utility business. Abel’s commitment to prevent rate hikes for existing customers also protects the core business from political pressure.

• ​Grid Capacity as a Strategic Advantage: Since Abel views grid capacity (rather than chips or capital) as the key long-term bottleneck, this benefits Berkshire’s power generation and infrastructure division. This division stands to gain from rising electricity demand regardless of which specific AI companies prevail in the market.

• ​Direct AI exposure through the stock portfolio: Berkshire holds significant investments, including a second-quarter increase in its Alphabet position of approximately $24 billion (including a direct placement worth $6.5 billion at a discount). Alphabet expects to invest between $175 billion and $185 billion in AI projects by 2026, which means Berkshire benefits directly from investments in AI infrastructure.

• ​Local Benefits: Abel highlighted the economic benefits that data centers can bring to communities—such as tax revenue and funding for schools, police, and fire departments in Iowa. Such examples could help allay local concerns and provide arguments in favor of future projects.

​

The Pessimistic Scenario (Bear Case)

• ​Growing Opposition: Increasing resistance to data centers could complicate Berkshire’s expansion plans. With electricity bills rising by up to 267% and states like New York imposing construction moratoriums, political pressure looms.

• ​Limited Growth Due to Customer Protection: Abel’s promise to protect existing customers could limit the growth of Berkshire Energy . While rejecting projects that would require higher rates protects the customer base, it also prevents the company from pursuing lucrative new infrastructure projects.

• ​Long timelines: It could take years for the rising demand for electricity from AI to translate into significant revenue growth. Site preparation and grid connections are time-consuming; permitting processes and local opposition further prolong these processes.

• ​Leadership transition: The transition of capital allocation decisions to Greg Abel brings new dynamics. Investors must evaluate the strategy under new leadership rather than relying on Warren Buffett’s decades-long track record, which may increase uncertainty in the short term.

​

Hedge Fund Activity

​Data from Insider Monkey shows that Berkshire Hathaway was held by 135 hedge funds in the second quarter of 2026 (up from 126 in the first quarter). The utility competitor NextEra Energy —also well-positioned to benefit from data center electricity demand—had 80 funds holding its stock (up from 74 in the previous quarter).

​

Conclusion

​Berkshire’s utility operations and its investment in Alphabet offer the company several options to capitalize on the rising demand for AI infrastructure. Nevertheless, growing opposition, lengthy grid development timelines, and the leadership transition could dampen that potential. Investors should watch to see whether Abel succeeds in expanding Berkshire’s energy presence while simultaneously protecting existing customers and maintaining disciplined capital allocation.

The factory worker expects interest rates to rise.

In July, Tempus AI was my biggest loser, down 25 percent. In August, it was my biggest winner, up 42 percent. I didn’t buy or sell anything in either month.

August had two sides to it. At the beginning of the month, mild inflation data was released, and the S&P 500 hit an all-time high of 7,816 points on August 13. After that, sentiment in the bond markets shifted. The 30-year U.S. Treasury yield rose to its highest level in nearly twenty years, and U.S. gross debt exceeded forty trillion dollars. At the end of the month, Nvidia reported quarterly revenue of 96.2 billion, an increase of 106 percent. The very next day, Fed Chair Warsh signaled a pause in Jackson Hole, and the market priced in an interest rate hike in September.

Following the chip sell-off in July, this was a significantly calmer month for my portfolio:

📊 Monthly performance: +3.15%

📊 Portfolio value: ~€45,506

📊 Max. performance (Jan. 6, 2022): +40.28%

📊 YTD performance: ~+11.88%

Performance & Comparison 🚀

August was a positive month for all major indices, led by the Nasdaq. My portfolio outperformed the DAX, S&P, and FTSE, but lagged behind the Nasdaq.

Performance Comparison (August 1–31, 2026, end of day):

My portfolio: +3.15%

NASDAQ 100: +4.42%

DAX: +2.41%

S&P 500: +2.29%

FTSE All-World: +2.24%

Purchases, Sales & Allocation 💶

None. In July, I reduced my cash position and invested in BE Semiconductor$BESI (-1,51 %) , Solaria $SLR (-1,62 %) and Hermès $RMS (-1,62 %) . I didn’t make any changes in August.

Top Movers in August 🟢

Tempus AI $TEM (+4,7 %) posted the strongest gain at +42.72% (+71.12 €), marking a strong rebound following the July slump. Bitcoin $BTC (-0,16 %) rose by +23.68% (+€211.78). CrowdStrike $CRWD (-6,58 %) rose by +19.04% (+€463.68), making it the biggest euro gain in the portfolio; cybersecurity performed well in August regardless of the chip cycle. American Lithium gained +12.50% (+€27.62), while the VanEck Uranium and Nuclear ETF $NUKL (+0,8 %) rose by +9.50% (+81.71 €). Snowflake $SNOW (-1,89 %) rounded out the list with a gain of +8.30% (+€87.07).

August’s Worst Performers 🔴

The losses were significantly smaller than in the previous month. BYD $1211 (-1,31 %) fell -7.52% (-€107.74), taking a breather after a 27 percent gain in July. Alibaba $BABA (-0,39 %) followed with a -6.12% drop (-€45.58); here, too, the China rally from July ran out of steam. Berkshire Hathaway $BRK.B (-0,19 %) fell -3.68% (-103.67 €), and Rheinmetall $RHM (-1,12 %) -2.56% (-€18.22). BE Semiconductor $BESI (-1,51 %) fell by only -1.39% (-€10.18) and has stabilized following the slump in July. Solaria $SLR (-1,62 %) closed down 1.10% (-€4.83).

Conclusion 💡

July was a month in which a lot happened. August was the month in which much of that reversed. Tempus AI $TEM (+4,7 %) went from the biggest loser to the biggest winner, while BYD $1211 (-1,31 %) and Alibaba $BABA (-0,39 %) the other way around. Anyone who had sold in a panic in July would have been on the wrong side of the market in August.

❓ Question for the Community

Did the market fluctuations in August make you get cold feet, or did you hold onto your positions? And what was your best buy?

👇 Share your thoughts in the comments!

➡️ Every month, I post a portfolio update here, along with research from my quantitative model in between.

🗞️ Newsletter: codeandcapitalquant.beehiiv.com

📈 Wikifolio: https://www.wikifolio.com/de/de/w/wf0gquant6

For the past 1–2 years, I’ve been stubbornly and consistently $BRK.B (-0,19 %) into my savings plan every month. Many have already written off the stock since Warren Buffett sold his stake.

It’s paid off—the position recently turned profitable for me (thanks to the cost averaging effect). Earnings are coming out this weekend, so there’ll be some more movement.

June was marked by a Fed shock and a rotation away from the winners of the previous months. On June 17, the Fed, under its new chair Kevin
Warsh , the Fed kept interest rates at 3.50–3.75%, the dot plot signaled a possible rate hike rather than a cut—after months of hopes for easing —a real blow to the markets. On top of that came a bombshell regarding defense stocks: The Ministry of Defense scrapped the multi-billion-euro F126 frigate program, and Rheinmetall $RHM (-1,12 %) subsequently lost over 16% —one of the stock’s worst trading days in decades. While speculative and cyclical stocks were sold off, investors fled to quality: defensive large-cap stocks and established software stocks held up significantly better.

In line with this more selective market environment, my portfolio slipped slightly into the red but held up more robustly than the DAX and Nasdaq:

📊 Monthly performance: -0.39%

📊 Portfolio value: ~€43,298

📊 Peak performance (Jan. 6, 2022): +39.16%

📊 YTD performance: ~+7.68%

Performance & Comparison 🚀

June was a month of contrasts: While the DAX and Nasdaq suffered from the Fed shock and the rotation out of risk assets, the S&P 500 and FTSE All-World held up significantly better thanks to their broader, more defensive composition. My portfolio was in the middle of the pack at -0.39%—more stable than the DAX and Nasdaq, but weaker than the two broad U.S. and global indices.

Performance Comparison (June 1–June 30, 2026, end of day):

My portfolio: -0.39%

FTSE All-World: +1.24%

S&P 500: +0.85%

DAX: -0.53%

NASDAQ 100: -0.96%

Purchases, Sales & Allocation 💶

In June, €300.00 was invested in the MSCI ACWI USD (Acc) $ACWI and €50.00 into the MSCI World Small Cap $WSML via the ongoing savings plans. The following were added via buy orders: Solaria Energia $SLR (€250.97), BE Semiconductors (€501.00), a Euro Overnight Rate Swap ETF (€101.00), and Tempus AI $TEM (€101.00).

On the selling side, I took profits on two positions in which I’ve been a shareholder for a good two years: In Datadog $DDOG (-1,59 %) , I closed out the entire position after the stock had performed strongly in recent months. With Snowflake $SNOW (-1,89 %) , I sold about a quarter of the position and am holding onto the rest. Both were purely profit-taking after a strong run; there has been no fundamental change in my assessment of the companies.

Top Movers in June 🟢

Despite the generally nervous sentiment, there were a few stocks that bucked the rotation trend and benefited from the flight to quality.

Tempus AI $TEM (+4,7 %) posted the strongest gain at +19.99% (+37.02 €)—AI diagnostics remain in demand, even as more speculative stocks were sold off. TSMC $2330 followed with a gain of +15.56% (+€72.12): Demand for chips related to AI expansion remains consistently high, regardless of the interest rate debate. Ferrari $RACE (+0,7 %) rose by +9.63% (+€78.63)—luxury goods proved resilient in the face of macroeconomic concerns. Berkshire Hathaway $BRK.B (-0,19 %) benefited significantly from the flight to defensive quality, rising +7.37% (+€142.01), while Crowdstrike $CRWD (-6,58 %) posted the largest euro gain in the portfolio with a +6.97% (+161.62 €) rise—cybersecurity remains structurally in demand. Cloudflare $NET (-6,37 %) rounded out the list of winners with a gain of +4.92% (+€105.74).

June’s Biggest Losers 🔴

The losers in June were almost exclusively the stocks that had performed the strongest in previous months or are particularly sensitive to interest rates.

IREN was hit the hardest $IREN (+2,18 %) , down -26.48% (-€316.39): Falling Bitcoin prices and ongoing disagreement among analysts regarding the company’s transition from a Bitcoin miner to an AI cloud provider weighed on the stock. Rheinmetall $RHM (-1,12 %) lost -23.36% (-€376.76) after the Ministry of Defense scrapped the F126 frigate program, which affected the entire defense sector. Alibaba $BABA (-0,39 %) fell by -21.25% (-€158.86)—Chinese tech remains under pressure due to general risk aversion toward Chinese stocks. American Lithium fell -21.21% (-€64.45), weighed down by persistently weak commodity prices and higher interest rate expectations, which particularly affect unprofitable growth stocks. BYD $1211 (-1,31 %) fell by -18.40% (-254.16 €) amid the ongoing price war in the Chinese electric vehicle market. Solaria $SLR (-1,62 %) rounded out the list of top losers with a -15.86% drop (-€63.35)—the hawkish Fed is weighing noticeably on interest-rate-sensitive solar and renewable energy stocks.

Conclusion 💡

June was a month of rotation: away from the more speculative winners of previous months, toward quality and established names. The Fed shock and the Rheinmetall slump showed how quickly sentiment can shift—a good reminder of why diversification across sectors and regions remains important.

❓ Question for the Community

That was my month in numbers—how did your portfolio fare through the Fed shock? Did you buy more Rheinmetall shares, or did you pull the plug?

👇 Let us know in the comments!

➡️ Follow @codeandcapital26 for transparent portfolio updates!

🔗 Link in bio: Wikifolio, Getquin & Parqet Portfolio

🗞️ Newsletter: codeandcapitalquant.beehiiv.com

📈 Wikifolio: https://www.wikifolio.com/de/de/w/wf0gquant6

$HD (-0,24 %) 100% sold after 4 years and $LDGL (-0,03 %) reallocated

$ADBE (-3,14 %) Gone after much deliberation 👀

$BRK.B (-0,19 %) Also liquidated and offset against Adobe losses

The funds that became available were $VWRL (-0,16 %)

$UBU7 (-0,16 %)
$HWWA (-0,13 %)
$LDGL (-0,03 %) and $SPSA (-0,13 %) .

Hello, I’ve sold my next property. I’d like to invest the profit as follows:

$TSWE (+0,21 %) 36k,

$VHYL (-0,01 %) 36K,

$ISPA (-0,5 %) 36K,

$JEPQ (-0,06 %) 36K,

$TDIV (-0,1 %) 36K,

$LDGL (-0,03 %) 30k

I'm also considering

$BHP (-0,07 %) 20K,

$RIO (-0,26 %) 20K, and

$O (-0,59 %) 20K

$BRK.B (-0,19 %) 30K

or directly in $BRK.B (-0,19 %) 90k, since commodity stocks are trading a bit high for me right now! This position is like a high-risk money market account for me, which should be reallocated countercyclically.

My goal is to combine further dividend growth with modest portfolio growth. I no longer need high performers myself. I can still work for another 25 years, health permitting, and perform at a high level myself.

For me personally, individual stocks belong in my portfolio. Like the icing on the cake.

However, I will continue to focus on expanding my ETF positions through future asset reallocations.

In three years, my last major property in Germany will likely be sold. By then, the portfolio should be structured to enable my children to live a free, independent life anywhere on the globe.

What do you think? Would you change anything about the ETF positions? Wait on commodities too? Or put everything into SpaceX?

Thanks for the feedback.